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The National Green Tribunal has allowed AIM-listed OPG Power Ventures Plc to go ahead with its 300-MW power project at Kutch, Gujarat, subject to the condition that the project developer would “adhere to the terms and conditions laid down in the Environmental Clearance granted by the Gujarat State Level Impact Assessment Authority.”
The company's Managing Director, Mr Arvind Gupta, told Business Line on Sunday that there was never any doubt that the company would strictly comply with the EC conditions.
The order of the Tribunal basically says that OPG Power could go ahead with the project but after strictly following the EC norms, and in case of any deviation, after obtaining the necessary approvals for the deviation. The order has been interpreted by both the plaintiff—four individuals—as well as the main respondent—OPG Power, as their own victory.
OPG Power has said that the Tribunal's order is clear in that there is “no impediment in carrying on with the construction and commissioning of the project so long as it adheres to the terms of the EC.” The company has “not been restrained from construction of the project,” Mr Gupta said.
He said that the company had committed to spending Rs 108 crore on various environmental and CSR activities.
629 MW in two years
Mr Gupta said that the OPG Power was “fully funded” for adding 629 MW of capacity to the existing 113 MW.
Three of the upcoming plants are near Chennai, with a total capacity of 317 MW. Of these, one unit of 77 MW will start generating electricity in May this year. Another one, 80 MW, will go on stream some time towards the end of calendar year 2012. The third, of 160 MW capacity, is expected to be commissioned by mid next year.
These 317 MW, plus the 300 MW in Gujarat (that has been the subject of the NGT order) and a 12 MW plant at Bellary, Karnataka, add up to 629 MW.
For the half year ended September 2011, OPG Ventures achieved a turnover of Rs 186 crore.
Replying to a question, Mr Gupta said that the company indeed had ambitions for India listing and was working towards it.
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